SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (or Date of Earliest Event Reported): June 26, 1998
SWIFT ENERGY PENSION PARTNERS 1991-B, LTD.
(Exact name of Registrant as specified in its charter)
TEXAS 33-37983-04 76-0343142
(State of incorporation (Commission File Number) (IRS Employer
or organization) Identification No.)
16825 Northchase Drive, Suite 400
Houston, Texas 77060
(Address of principal executive offices)
(281) 874-2700
(Registrant's telephone number)
ITEM 2. Disposition of Assets
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Substantially all of the assets of Swift Energy Pension Partners 1991-B,
Ltd. (the "Partnership"), consisting of non-operating interests in real property
and in oil and gas reserves located therein, ("Property Interests") were sold as
of March 1, 1998. A portion of the assets were sold at auction and the remaining
assets were sold to Swift Energy Company, the Managing General Partner of the
Partnerhsip, after first being offered to third parties at auction with a set
minimum bid price based upon an appraisal of the value of the Property Interests
by an independent consultant. The Property Interests in the AWP Field in
McMullen County, Texas, and the Gloster Jacob #1 well in Marion County,
Mississippi, received no bids at or above the set minimum bid price from third
parties at auction. Thereafter, the Managing General Partner acquired these
Property Interests at the minimum bid price set by the independent appraisal.
The price paid to the Partnership for the Property Interests acquired by the
Managing General Partner accounted for approximately 15% of the total proceeds
received from the sale of the Partnership's Property Interests. The Property
Interests sold at auction included partial interests in the following three
properties: the Triangle Field in Thomas County, Kansas; the North Foss Field in
Custer County, Oklahoma; and the North Buck Draw Field in Campbell County,
Wyoming. Collectively, the interests in these three fields accounted for 71% of
the total proceeds. The total proceeds to the Partnership, net of selling
expenses, were $951,686. The interest holders share was $808,933. An initial
distribution of proceeds was made to the interest holders on April 15, 1998,
representing all the assets of the Partnership except for insubstantial amounts
held back for contingency purposes. A small final distribution is anticipated to
be made on or about June 30, 1998, at which time the Partnership will dissolve
pursuant to the Texas Revised Limited Partnership Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized person.
Dated: June 26, 1998
SWIFT ENERGY PENSION PARTNERS 1991-B, LTD.
By: Swift Energy Company, as Managing General Partner
By: ----------------------------------------
Alton D. Heckaman, Jr.
Vice President and Controller
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